Equinor Bets Big on Offshore Namibia Oil Discovery
Norway's energy major Equinor is making a big bet on offshore Namibia, hoping to replicate the success of TotalEnergies and Galp in the Orange Basin. The company has entered the Namibian exploration rush by signing an agreement with Harmattan Energy Limited, a Chevron subsidiary, to buy a 17.4% participating interest in Petroleum Exploration License 90 (PEL 90). This deal marks Equinor's entry into Namibia and provides access to a drill-ready prospect scheduled for testing in 2026.
The company's Executive Vice President of Exploration & Production International, Philippe Mathieu, described the transaction as aligning with their strategy to strengthen and replenish their international portfolio through focused and disciplined growth. He also highlighted the potential of Namibia, saying it is a 'promising basin' that adds attractive option value to their portfolio.
The Namibian government hopes to become the next Guyana, but infrastructure challenges in the country make it harder for companies to develop and monetize discoveries. The country is weighing options to offer further incentives and financing to international majors preparing plans for oil production.